GST collection in December at all-time high, says Finance Ministry1 min read . Updated: 01 Jan 2021, 01:53 PM IST
- The GST revenues during December 2020 have been the highest since the introduction of GST and it is the first time that it has crossed ₹ 1.15 lakh crore.
The gross GST revenue collected in the month of December 2020 rose to ₹1,15,174 crore, an all-time monthly high since the implementation of the new tax regime, according to Finance Ministry. The December figures, which are 12% higher the GST revenues in the same month last year, are in line with the recent trend of recovery in the GST revenues, the Finance Ministry added.
This is the third month in a row in the current financial year that the GST revenues have been more than ₹ 1 lakh crore. The December 2020 revenues are significantly higher than last month’s revenues of ₹ 1,04.963 crore.
"The GST revenues during December 2020 have been the highest since the introduction of GST and it is the first time that it has crossed ₹ 1.15 lakh crore. The highest GST collection till now was ₹ 1,13,866 crore in the month of April 2019. The revenues of April normally tend to be high since they pertain to the returns of March, which marks the end of financial year," the finance ministry said.
The finance ministry attributed the rising GST collection to "combined effect of the rapid economic recovery post pandemic and the nation-wide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance."
The finance ministry said that out of the ₹ 1,15,174 crore GST revenue in December, CGST is ₹ 21,365 crore, SGST is ₹ 27,804 crore, IGST is ₹ 57,426 crore (including ₹ 27,050 crore collected on import of goods) and cess is ₹ 8,579 crore (including ₹ 971 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of November up to 31st December 2020 is 87 lakh, the ministry said.